Seven Eight Capital LP Invests $339,000 in Graco Inc. (GGG) Stock
Seven Eight Capital LP purchased a new position in Graco Inc. (NYSE:GGG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,100 shares of the industrial products company’s stock, valued at approximately $339,000.
A number of other institutional investors have also recently made changes to their positions in the business. Advisors Asset Management Inc. raised its holdings in Graco by 106.1% in the second quarter. Advisors Asset Management Inc. now owns 1,123 shares of the industrial products company’s stock worth $123,000 after buying an additional 578 shares during the last quarter. Fiduciary Trust Co. bought a new stake in shares of Graco in the second quarter worth approximately $180,000. TLP Group LLC bought a new stake in shares of Graco in the first quarter worth approximately $193,000. Canada Pension Plan Investment Board grew its stake in shares of Graco by 425.0% in the first quarter. Canada Pension Plan Investment Board now owns 2,100 shares of the industrial products company’s stock worth $198,000 after acquiring an additional 1,700 shares during the period. Finally, Mosaic Family Wealth LLC grew its stake in shares of Graco by 5.1% in the second quarter. Mosaic Family Wealth LLC now owns 1,880 shares of the industrial products company’s stock worth $205,000 after acquiring an additional 91 shares during the period. 86.82% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Karen Park Gallivan sold 12,242 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $115.00, for a total value of $1,407,830.00. Following the completion of the transaction, the vice president now directly owns 27,264 shares of the company’s stock, valued at $3,135,360. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric Etchart sold 757 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $119.20, for a total value of $90,234.40. Following the completion of the transaction, the director now directly owns 12,464 shares of the company’s stock, valued at $1,485,708.80. The disclosure for this sale can be found here. Insiders sold 67,499 shares of company stock valued at $7,663,509 over the last ninety days. 5.70% of the stock is currently owned by corporate insiders.
A number of analysts have recently commented on the stock. Deutsche Bank AG reiterated a “hold” rating and issued a $110.00 price target (up from $105.00) on shares of Graco in a research note on Monday, June 5th. Zacks Investment Research lowered shares of Graco from a “buy” rating to a “hold” rating in a research report on Monday, July 10th. BidaskClub upgraded shares of Graco from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Royal Bank Of Canada reissued a “hold” rating and issued a $104.00 target price on shares of Graco in a report on Monday, June 5th. Finally, Wolfe Research reissued a “market perform” rating on shares of Graco in a report on Tuesday, August 1st. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $106.20.
Graco Inc. (NYSE:GGG) opened at 120.64 on Tuesday. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of 76.55 and a beta of 1.24. The company has a 50 day moving average of $114.90 and a 200 day moving average of $106.94. Graco Inc. has a 12 month low of $69.33 and a 12 month high of $121.61.
Graco (NYSE:GGG) last announced its quarterly earnings results on Wednesday, July 26th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.32. The firm had revenue of $379.50 million during the quarter, compared to the consensus estimate of $369.36 million. Graco had a return on equity of 40.21% and a net margin of 6.50%. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.89 earnings per share. On average, equities analysts predict that Graco Inc. will post $4.53 EPS for the current year.
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Graco Inc designs, manufactures and markets systems and equipment used to move, measure, control, dispense and spray fluid and powder materials. The Company specializes in equipment for applications that involve materials with viscosities, materials with abrasive or corrosive properties, and multiple-component materials that require ratio control.
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